Best way to keep money??

mrjis

Hello to all reading this.

My mother has just been granted a Council bungalow for herself (age 71) and her disabled son (age 47) wheelchair bound. She owns her own house outright so once we have got them moved in and sorted we will be putting the house on the market.

It may sell for around the 120,000 mark but we were wondering if there is a certain way of investing the money so not to let any greedy government body get hold of any.

We dont want to do anything illegal but that house is what her and now deceased husband earnt through out all their lives and we want her to keep it to do as what she pleases.

She gets £190 a week benefit while living in this bungalow and may be entitled to rent rebate, council tax rebate etc (not got that far yet, only just signed for bungalow yesterday).

Will such a large sum eventually going into her bank account affect any benefits etc etc??

Will it be better off put in a third party bank account (e.g. daughter etc)

We want to do the right thing but also the best thing for her and her son as they deserve it and she is still having to cope with a 47 year old man in a wheelchair on her own while she is elderly herself. She does have carers coming into the house 3 times a day but i believe she is entitled to keep the money she makes and not have to answer to different offices and agencies regarding her savings.

Any advice on going the best route would be appreciated

Thanks

evenasus

Are you suggesting 'hiding' around £120K so your mother can keep receiving benefits?

mrjis

No of course not, I did say I want to do this the legal way.

I just want to do it in the most leanest way to keep as much as possible of her hard earned cash over the years rather than someone duping her to give it away to pay for this and that.

It gets my goat when people can come to this country with nothing and be given everything yet the ones who worked all their lives, fought for this country are penalised for it.

I just want to know the fairest way of dealing with this income, properly and fairly.

evenasus

If she put the money in her daughter's account - classed as giving it away.
That would be classed as deprivation of capital and she would be treated, benefit wise, as still having that money.

With that amount of money, of course it would affect benefits.

tanith

Its certainly going to affect the benefits coming into the household . She has been given subsidised housing and any money she makes from the sale of her property should be used to support herself in the future plus whatever benefit she would still be entitled to considering she has 120K in the bank.
You cannot 'hide' money in a separate bank acc it will have to be accounted for as some point.

mrjis

I understand it will affect benefits etc, all I am wanting to know is there a good way of going about it rather than just selling the house and telling all the agencies "here we are I have £120,00 spare if you want some"

There must be a savvy approach to dealing with this chunk on money to get the best deal possible for all involved.

I still think this government and all other governments stink!.

innovate

mrjis wrote: »

I still think this government and all other governments stink!.

You should talk to your mum and brother - they shouldn't be taking any housing and benefits from those "stinkers"!

mrjis wrote: »

It may sell for around the 120,000 mark but we were wondering if there is a certain way of investing the money so not to let any greedy government body get hold of any.

Quite. Those "greedsters" should be finding some other way to fund the benefits payments to those who have substantial savings!

Seriously, though: which planet do you live on? Do you think council housing and benefits are for people with big savings? Of course, it is very sad that your elderly mother has to care for her disabled son but what you are talking about is simply benefit fraud. Luckily, benefit fraud gets punished severely, so I wouldn't go there if I were you.

xylophone

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS40_deprivation_of_assets_in_the_means_test_for_care_home_provision_fcs.pdf?dtrk=true

http://www.ageuk.org.uk/Global/Age-Cymru/Factsheets%20and%20information%20guides/FS53%20Capital%20income%20and%20means%20tested%20benefits%20April%202012.pdf

mrjis

Obviously no one has read my posts properly. I said i want to do it the LEGAL way so all the suggestions of benefit fraud are completely stupid and not the kind of advice I was looking for!.

I pay taxes like everyone else (well most people) and I am miffed knowing i am paying for people living on benefits.

Like I said we want to do this the legal way, but as we have never done this before it is worrying that we might be getting ripped off more than we should be.

All i want is financial advice, not comments suggesting fraud, hiding the money etc etc.

I a not the only person in the world who think the government are greedy. People with relatives who have to go into care and sell their home to fund it, I like many others think is appalling!

Most genuine people in this country have worked hard all their lives, paid all their taxes etc etc, and when they ask for something back in their later years they get SH*T on by the system.

AL this goes on while the government let people into this country, give them housing, paid for by us, never hassle them to get a job etc etc. This is what rattles my cage, and I know I am not the only one who thinks like this.

I thought this forum might have been the place to get some helpful advice, but I think i will get some proper financial advice.
Its almost like people are bitter on here when people have a bit of money and get miffed about it.

I repeat she does not want to sell the house but health issues means there is no option. We want to do everything above board and understand about issues with benefits etc etc. All we wanted was help in the best way about going about it. I think that is the least someone who works all there lives is entitled to

xylophone

The age uk fact sheets in post 8 have some factual information which may be of interest to you.

mrjis

THANK YOU XYLOPHONE

At last some constructive help and advice